A cliff is a waiting period at the start of a vesting arrangement. Before the cliff is reached, the scheduled allocation does not provide vested tokens that the beneficiary can claim. Projects commonly use cliffs in team, investor, or contributor allocations to condition access on a minimum period.
What happens when the cliff ends
A cliff does not by itself define the amount released. Some schedules accumulate vesting from the original start and make that accumulated portion available at the cliff. Others begin accrual afterward or release a specified lump sum. The full schedule determines the result.
For example, assume 1,200 tokens vest over 12 equal monthly periods, accrue from the start, and have a three-period cliff. None are vested before the cliff; 300 become vested after the third period. The remaining 900 vest over the following nine periods. This example assumes the stated schedule without additional conditions.
Vesting is not the same as claiming
Reaching the cliff may make tokens claimable without automatically transferring them. A claim transaction, fees, or other distribution procedures may still apply.
Cliff dates can create concentrated unlocks, but unlocked tokens are not necessarily sold immediately. Cancellation rights, transfer restrictions, and the treatment of an early departure depend on the agreement and contract implementation.